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(Sharecast News) - Quantum dots manufacturer Nanoco Group saw revenues more than double in its last trading year thanks to the early delivery of some income under a major services contract.
Nanoco said revenues came to £7.3m for the year ended 31 July, slightly ahead of market consensus, while billing came to £9.6m.
However, the London-listed firm noted that an exceptional credit from a contract liability waiver would be largely offset by exceptional charges stemming from various contract specific assets and provisions.
Nanoco's unaudited cash position at the end of the year was £7.0m, marking an increase of £800,000 over the six month period, and the company still expects to be holding around £6.0m worth of cash at the end of the calendar year.
Chief executive Michael Edelman said: "This strong operational performance contributed to the best financial results in the company's history.
"We remain focused on completion of the current contract deliverables whilst broadening our efforts to seek out other potential new customers in the electronics and display sectors."
As of 1350 BST, Nanoco shares had dipped 0.88% to 11.25p.
8 Jun 2022 15:27
IN BRIEF: Nanoco raises GBP5.7 million in fundraise; shares rise
Nanoco Group PLC - Manchester-based nanomaterial developer and manufacturer - Raises GBP2.3 million from a placing and subscription for new shares at a price of 37 pence per share. Company says its broker option was "very significantly" over-subscribed. The total amount raised in the fundraise amounts to GBP5.7 million before costs. End of year cash is now expected to be between GBP7.0 million and GBP7.5 million.
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